State LEDA funds were put into hemp, but are they paying off?

State LEDA funds were put into hemp, but are they paying off?

  • Post published:March 3, 2020
  • Post category:News

Over the past year New Mexico has invested millions of Local Economic Development Act (LEDA) funds into three hemp production firms with the promise of high paying jobs for local New Mexicans in a new, booming industry. The latest hemp production company to receive state assistance, Natural ReLeaf, is located in Southern NM and has promised 56 jobs for locals ranging from warehouse supervisors to farmers.

In total, if all three companies fulfill their requirements for funding under the Local Economic Development Act, they are expected to contribute 261 jobs to the state, which would generate $4.3 million a year in state tax revenue, according to numbers from the Mesilla Valley Economic Development Alliance. NMBC’s hope is that LEDA funds devoted to this industry have the necessary clawback provisions in place to ensure these companies uphold their end of the bargain. Read more HERE.